First Interstate Bancorp, the Los Angeles-based parent company of First Interstate Bank of Utah, is extending its no-cost selling arrangement, which allows holders of fewer than 100 shares of its common stock, par value $2, as of Sept. 6, to sell their shares without commissions or fees.
The arrangement will now expire at 5 p.m. PST, Nov. 4. First Interstate previously had extended the offer through Oct. 28. The depositary for the arrangement is First Interstate Bank of California and the information agent is Georgeson & Company Inc.The program involves about 800,000 of approximately 47 million First Interstate shares outstanding.
The company said the selling arrangement would benefit individual holders of small amounts of stock by allowing them to avoid forfeiting a large percentage of their proceeds in sales commissions.
The selling price will be the weighted average market price obtained for the common stock received by the depositary on the same day.